UPDATE: Citigroup Raises PT on Hess Corporation to $67.50, Removes High Risk Rating

In a report published Wednesday, Citigroup maintained its Buy rating on Hess Corporation

and raised its price target from $57.00 to $67.50. Citigroup noted, “We maintain our Buy rating, but are increasing our target price to $67.50 and are removing our High risk rating. Our new target assumes a gradual reduction in exploration expense and an incremental $5/share for the discoveries in Ghana. We believe HES's lower capital intensity, progress made to date in restructuring its asset portfolio, and decreased focus on high impact exploration justifies our reduction in risk rating.” Hess Corporation closed on Tuesday at $68.11.